Iron and Steel Casting Market - Overview
Iron and steel casting refers to the process of injecting or pouring molten iron and steel into a mold to form an object of the desired shape. The process is usually used for mass production of components or parts used in a wide range of sectors such as automotive, agriculture, power generation, oil & gas, manufacturing machinery, and industrial units.
This report analyzes and forecasts the iron and steel casting market at the global and regional levels. The market has been forecast in terms of volume (kilo tons) and value (US$ Bn) from 2018 to 2026, considering 2017 as the base year. The study includes drivers and restraints of the global iron and steel casting market. It also covers the expected impact of these drivers and restraints on the demand for iron and steel casting products during the forecast period. The report also highlights opportunities in the iron and steel casting market at the global and regional levels.
The report includes detailed value chain analysis, which provides a comprehensive view of the global iron and steel casting market. Porter’s Five Forces model for the iron and steel casting market has also been included to help understand the competition landscape of the market. The study encompasses market attractiveness analysis, wherein material and application segments have been benchmarked based on their market size, growth rate, and general attractiveness.
The study provides a decisive view of the global iron and steel casting market by segmenting it in terms of material, application, and region. In terms of material, the iron and steel casting market has been classified into gray iron, ductile iron, steel, and malleable iron. Based on application, the market has been divided into automotive & transport, pipes & fittings, pumps & valves, machinery & equipment, and others. These segments have been analyzed based on the present and future trends. Regional segmentation includes current and forecast demand for iron and steel casting products in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The report provides the actual market size of the global iron and steel casting market for 2017 and the estimated market size for 2018 with forecast for the next eight years. Market numbers have been estimated for material and application segments of the iron and steel casting market. Market size has been provided in terms of global, regional, and country-level markets.
The report comprises profiles of major companies operating in the global iron and steel casting market. Key players operating in the iron and steel casting market are Tata Steel Limited, ArcelorMittal SA, Nucor Corporation, Hyundai Steel Company, and Kobe Steel, Ltd. Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, and recent developments.
Key Takeaways
- In terms of material, the gray iron segment accounted for a major share of the global iron and steel casting market in 2017. High use of gray iron can be ascribed to various factors such as its tensile and yield strength, ductility, impact resistance, and low production cost. However, the share held by the gray iron segment is expected to decline marginally by the end of the forecast period, due to rise in preference for other materials.
- On the other hand, shares of ductile iron and steel segments are expected to increase by the end of the forecast period, due to low weight, design, and metallurgical flexibility of ductile iron and steel
- Based on application, the automotive & transport sector was the leading consumer of iron and steel casting products across the world in 2017. The automotive & transport segment is expected to gain market share by 2026, due to increasing use of private and public transport across the world.
- The share of the pipes & fittings segment is also likely to increase by 2026, due to use of pipes and fittings made of iron and steel in industries such as power generation, oil & gas, and manufacturing
- In terms of region, Asia Pacific held a major share of the global iron and steel casting market in 2017. Its share is expected to increase by 2026. This is because a wide range of iron and steel casting products are used in the region in order to manufacture end-products ranging from automotive components to appliances. Asia Pacific has several manufacturing facilities, wherein iron and steel casting products are required.
- The global iron and steel casting market is likely to expand at a slow pace, largely because it is a mature market and substitutes such as aluminum are available
